Proof of Work (PoW) - News, Opinion & Analysis

Proof of Work (PoW)

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Proof of work (PoW) is the original type of consensus algorithm in a blockchain network. It was first developed in 1993 as a way to prevent denial of service attacks and others on a network. However, it wasn’t until 2009 that Satoshi Nakamoto implemented PoW on Bitcoin as an innovative way to achieve consensus in a distributed network. Since then, PoW has become a widely used consensus algorithm for many cryptocurrencies.

PoW is used to validate transactions which produces new blocks and links them together to form a blockchain. In PoW, miners compete against each other to solve complex computational puzzles. When a miner successfully solves the difficult puzzle it is verified by other miners and a new block is added to the blockchain. The transactions in the new block are thus added to the network and miners get rewarded for adding new blocks to the blockchain and securing the network.

The process of proof of work secures a blockchain network and helps to protect the network against numerous different attacks. The more miners a PoW blockchain has, the more computational hash power it has, which makes the blockchain more secure. A successful attack on a PoW blockchain would require a lot of computational power and time. Therefore, attacks on highly secure PoW blockchains can be very expensive and deemed pointless. To this day, PoW is considered to be the most secure consensus algorithm because it is the most tried and tested. 

However, PoW is not without downsides. It is very energy intensive and therefore not the most efficient consensus algorithm. Also, some experts say that PoW blockchains are more difficult to scale and that newer methods such as PoS or DPoS are required to implement various scaling solutions.

In this tag you can discover proof of work (PoW) news, cryptos, opinions and analysis created by knowledgeable individuals on the matter.


The Crypto Round-Up: May 26th, 2021

27 May 2021 1 minute read 0 comments coinpass Global

  Ark Investment’s Cathie Wood: BTC Will Hit $500K   With the recent Bitcoin drop, a lot of traders just dump and run. The Ark Investment Management boss, Cathie Wood, said that the recent crypto market was currently “very emotional” so it was not y...

Raptoreum (RTM) - ASIC/FPGA Resistant and secure.

22 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks! I'm again writing an article. This article that I'll write is about a coin whose mainnet was in March this year. The coin is called Raptoreum. It's PoW and algo is GhostRider. No premine and at ICO. The total supply is 21B. The characte...

BitCore (BTX) - A good alternative for secure payments.

21 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks!     Well, now I'll talk about BitCore and I believe that everyone has heard or read somewhere about this coin that was launched in 2017. Bitcoin holders claimed their BTXs that same year, for more details visit the site. The reason I cr...

Sugarchain (SUGAR) - The fastest PoW blockchain.

20 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks! Today I'm a little late, but I'll still talk about a very promising, underestimated and interesting coin. Being CPU mining is sure to attract the interest of those who like mining but don't have a GPU or even ASIC. Sugarchain is PoW, th...

42-coin (42) - Store of value.

19 May 2021 1 minute read 0 comments Crypto Mihawk

Hello Folks!                                                             I'm here again to comment on another store of value coin, but this time it's something very different and quite attractive as well. As everyone knows, one of the most interesti...

Magpiecoin (MGPC) - The Mineable CPU that will be successful.

19 May 2021 1 minute read 5 comments Crypto Mihawk

Hello Folks! I know that maybe this moment is not the right time to talk about Altcoins or other projects other than Bitcoin, but I can't miss the opportunity to talk about MagpieCoin. Well, launched in March and with Algo YespowerMGPC, MagpieCoin i...

Double-spending Problem Explained

20 Apr 2021 2 minute read 0 comments Heath Muchena

Double spending happens when the same funds are spent on two recipients at the same time within a digital cash system. A system that cannot rectify this issue is undermined since there is no way of verifying that the funds they receive have not alrea...

NFTs won’t warm the planet — they’ll kickstart decentralized energy

17 Apr 2021 3 minute read 0 comments john3

There are lots of provocative headlines out there about NFT’s energy consumption, like this one from the New York Times on April 13: NFTs Are Shaking Up the Art World. They May Be Warming the Planet, Too. While it’s true that the technology behind N...

State of the Art Machine-Learning Models On Blockchain

16 Apr 2021 1 minute read 0 comments TheKoolzo555

Currently there is quite a challenge in executing machine learning on conventional blockchains, due to the fact that the virtual machine is very inefficient when running nontrivial machine learning models. Cortex is an open-source proof-of-work block...

NFT's are NOT ruining the planet!

6 Apr 2021 2 minute read 5 comments TrocProcLock

I read an article this morning and it made my blood boil. I understand a lot of people don't understand Technology or even crypto. I get that and I expect some ignorance with it. But what I can't stand is people going out of their way to bash it with...